Economy of the European Union

PM Borissov: No Country that Adopts the Euro Becomes Poorer or Weaker as a Result

"The sustained growth of GDP for years, the financial stability, the discipline of Bulgaria is highly appreciated by the European Commission." Prime Minister Boyko Borissov, who is Brussels for the negotiations on the financial framework of the European Union, said.

Editorial: Adults locked in a room

It is the wont of presidents of the European Council to lock the doors when things get tough.

Following the footsteps of his predecessor European Council President Charles Michel warned last week that European leaders who are today attending an extraordinary summit will not leave Brussels until they have reached agreement on the EU's 2021-2027 multiannual financial framework.

Greek current account deficit shrinks in December

Greece's current account deficit shrank in December 2019 compared with the same month a year earlier, the Bank of Greece said on Thursday.

Central bank data showed the deficit was 0.54 billion euros ($582.98 million), down from 1.514 billion euros in December 2018. Tourism revenues increased to 289 million euros from 272 million in the same month in 2018.

Minor fiscal impact from pension hikes

The increases planned for main and auxiliary pensions amount to additional public spending of 0.22 percent of gross domestic product, or 434 million euros, for 2020, but expenditure on pensions as a share of GDP is reduced from 14.8 percent to 14.6 percent this year, mainly thanks to the abolition of the pre-election handout of last spring, branded then the "13th pension."

Varvitsiotis expresses Greece’s dissatisfaction over EU’s 2021-2027 budget

Alternate Foreign Minister Miltiadis Varvitsiotis, who is responsible for European affairs, on Tuesday expressed Greece's dissatisfaction over the the bloc's long-term budget for the next seven years, also known as the Multiannual Financial Framework 2021-2027, as EU funds for cohesion policy and common agricultural policy remain at low levels.

Coronavirus impact on eurozone economy to be temporary, Centeno says

The head of the Eurogroup Mario Centeno said on Monday he expected the impact of the coronavirus outbreak on the eurozone economy to be temporary.
"We expect it to be a temporary effect," Centeno told reporters in Brussels, adding that the EU should carefully assess developments also for the long-term. [Reuters]

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